International Marketing Management
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Poster
The choice of country and its suitability
Netherlands, Ireland and Cyprus are such a potential hub for the marketing of eco-friendly toys. Ireland, Netherlands and Cyprus are countries in Europe with the highest population of the young. It is one of the markets that can attract toys of this nature. Cyprus and Ireland market are huge and segmented in a manner that can attract consumption of eco-friendly toys. Ireland and Cyprus have a huge market for toys since the countries education system need toys to be used in education the young. Toys such as blocks are vital amongst the young for education purposes. On the other hand, the increasing crowdfunding in Cyprus and Ireland has also increased the market for education purposes. The growing demand for environmentally friendly items in Cyprus and Ireland has also created the demand for environmentally friendly toys from the United Kingdom, thus favourable marketing.
The recommended entry mode and its benefits
Getting into a new market requires a unique strategist in order to win the trust of the market. Newmarket has many challenges that the company should be ready to face. Market resistance is one of the challenges that the company should be ready to overcome in an effort to win the market and sell its products. The following are some of the entry modes and their benefits.
Joint ventures are one of the most vital criteria used in establishing a new market. A joint venture is the ability of two companies to combine to sell a given product. Many countries that have tight and controlled economies like the United States always demand the local companies to partner with foreign companies in order to sell their products un the market. Joint Ventures always provide foreign companies with partners in the foreign market. For instance, these partnerships always demand to split of profits, and it may be difficult to manage based on shared decisions. However, the advantages of a joint venture cannot be underscored. The joint venture gives foreign companies the purchasing powers in the countries they operate in, thus increasing the sales volume.
An online sale is another entry model that the company can use to get into a foreign market as a way of targeting the local consumers of eco-friendly toys. The online platform is easy to manage since they are cheap and offer customers avenues to communicate with companies regardless of their locations. Local companies can as well order items from foreign companies, thus easing the cost of entry into a new market. This is a cheap way of getting into the market.
Internalization is a process of increasing business participation in international levels. The international platform encompasses mergers, Greenfield investment, licensing, equipment, investments, cooperation agreement, and franchising. These international cooperations have formed integral grounds in developing countries. The developments are based on the notion that most domestic firms in developing countries usually benefit from (Foreign Direct Investment) FDI via increased productivities. Such countries also benefit from worldwide export, international integration, and employment. The impact of the strategic decision has changed the developing economies from the radical view of Foreign Direct Investment and trade into using international strategies for benefits and quest for development. The 7ps comprises of seven elements.
A product based on what customer needs
Price, how much the product should be sold?
Place, where the product should be taken
Promotion, how the customer is found and how the customer is persuaded.
People, there should be contact with customers in the process of delivering products
Process, involve looking and the process of delivering products to the market
Physical this involves looking at the physical environment of customer needs. The company can standardize price, product and the process of delivering product into the market. However, product, promotion, people and price can adapt to the need of the market in order to fit the market.
Bell, J., Crick, D., and Young, S., 2004. Small firm internationalization and business strategy: an exploratory study of ‘knowledge-intensive’ and ‘traditional’ manufacturing firms in the UK. International Small business journal, 22(1), pp.23-56.
This research was to look at the link between business and the pattern of small firms operating in Kenya through the process of space internalization. A qualitative approach was adopted involving 30 interviewers with the key interest taken about the key small business based in the United Kingdom. This research found out that business policies such as those linked to the model of ownership and management changes have a massive influence on the internalization of many businesses.
The research note some close relationship between market focus and product policies and innovation as the epitome of stimulus creation in the international expansion. Some differences in pattern, place, and processes of pace in the internalization were depicted. Intense knowledge and traditional manufacturing formed the basis of the internalization. However, the implication of the results on the firm’s strategy, the theory of development, and public policy are seen as the series of research questions that are giving space for future investigations.
Onetti, A., Zucchella, A., Jones, M.V. and McDougall-Covin, P.P., 2012. Internationalization, innovation and entrepreneurship: business models for new technology-based firms. Journal of Management & Governance, 16(3), pp.337-368.
New-technology firms particularly those are around new technology, are mostly affected by the globalization emanating from innovation and competition. These firms are growing, and strategic decisions make the deep interrelationship. The companies have been affected by the process of internationalization entrepreneurship and innovation. Therefore companies entering the new market should examine these markets independently in distinct forms. The practice of strategic decision is always embedded in the process of addressing organization boundaries, operation activities, what the organization should focus on and the selection of values.
Firms should enhance business models which they operate in order to accommodate differences from globalization and the emergence of market technology. The extents to which business models accommodate internationalization are always connected to innovation and entrepreneurship. This research provides a review of various business models literature to generate a business framework. The element of this research point firms models such as locus, focus and modus. However, the contribution of business provides a clear distinction between business strategy and models. In highlighting the strategies and locating business relevance, it is vital to look at the extant business models. The discussion of this research draws technology and new venture as the primary business models in conceptualizing general applicability.
Magnani, G., Zucchella, A. and Floriani, D.E., 2018. The logic behind foreign market selection: Objective distance dimensions vs strategic objectives and psychic distance. International Business Review, 27(1), pp.1-20.
Knowledge and information are the key resources in improving the process of internationalization in businesses. Collaboration has also been seen as a very important of the process internationalization through nurturing information and sharing of information. This research point out the process of accessing information and then assimilate the information in a collaborative network in supporting decision making. According to this research, the systematic review of the role of information internationalization is vital in decision making within an organization. The research gives an analysis of 38 relevant articles with a critical look at the issues and the existing gaps in empirical knowledge. The analysis of information obtained through this research provides valuable input in the development of research, directions and suggestion for future works.
Dimitratos, P., Petrou, A., Plakoyiannaki, E. and Johnson, J.E., 2011. Strategic decision-making processes in internationalization: Does the national culture of the focal firm matter?. Journal of World Business, 46(2), pp.194-204.
According to (Dimitrator et al., 2011), the fundamental issues affecting the operations of the internationalized firms operations is national culture. According to this national research, culture affects strategic decision making (SDMPs). This research employs cultural relativity theory in explaining how companies from different countries strive to make international decisions. Decision making at the international level maybe is tricky based on different cultural differences. The research has advanced hypotheses based on the association between strategic decision making and cultural, national aspects. However, this research noted the relationship between power distance, formalization, hierarchical decentralization, individualism and lateral communication. The present research evidence from a scale study conducted on firms located in the United Kingdom, Cyprus and the United States of America. The finding of research supports the hypotheses with the exemption of individualism and lateral communication. The national culture of focal firms usually matters as the strategic decision in internationalization decision. The implication of internationalization on marketing is also given avenue in this research.
Reflection
Internalization is a vital aspect of marketing that organizations should embrace in moving into different markets. When moving into a different market, one such factor that an organization should critically look at is the ability to win the new market. Several studies have indicated that internalization usually boosts the level of business participation. The international encompasses cooperation’s which usually forms the integral grounds in developing countries. They are mostly pegged on developments are and the notion that most domestic firms in developing countries typically benefit from (Foreign Direct Investment) FDI via increased productivities. Developing countries also benefit from worldwide export, international integration, and employment. Strategic decisions have transformed the developing economies from the radical view of Foreign Direct Investment and trade into using international plans for the benefits of developing small countries. Despite broadening government incentives and subsequent liberation, many companies have not taken advantage of internalization in the market space. Most of the challenges facing investors globally include includes, high staff turnover leading to high remuneration, lack of human resources that have relevant skills, unstructured policies in governing sectors of the economies with colossal taxation. Studies have pointed out the key challenges facing investment in this social sector, such as the availability of human resources like skills and staff turnover, which are attributed to low remuneration.
The majority of companies located in foreign nations usually enter the market with high expectations, but sometimes they do not realize their expectation, thus hindering the entry of new companies. The study has pointed out some of the key challenges facing the investment in this social sector, such as the availability of human resources like skills and staff turnover, which are attributed to minimal generation. In an attempt to adjust to these challenges, companies operating at an international level need to come up with the solution to build their marketing potential. Online marketing has become one of the integral mechanisms that companies have resorted to in order to build coherent marketing strategies.